Global Fragrance Ingredients Market Size is Estimated to Reach USD 21.20 billion by 2031, Growing at a CAGR of 3.8%: Straits Research
Due to the rise in demand for deodorants, perfumes, soaps, creams, talcum powders, and hair oils, personal care is a significant application segment. The market for fragrance ingredients is anticipated to grow due to rising demand for air fresheners for cars and homes and rising interest in aromatherapy. The need for fragrances to foster a welcoming environment is also expanding in the hospitality industry.
New York, United States, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Fragrances distinctive and complex blends of synthetic and natural ingredients are applied to give products a distinctive aroma. Fragrances are used in various consumer goods, including personal care, cosmetics, home cleaning products, and perfumes. Both natural and synthetic fragrances are concoctions of numerous extracts and substances that emit strange odors. Extracts from fruits, flowers, trees, and spices make up the majority of fragrances. The development of chemicals that provide the same scents results from technological advancements in manufacturing techniques. Extraction and distillation techniques are used to transform raw materials into fragrance ingredients. Fragrances are used in various products, including hair oils, deodorants, personal skin care items, detergents, and household items. Since they are safer and healthier, consumers are becoming more and more interested in natural fragrances.
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*Rise In Disposable Income and Changes in The Standard of Living*
According to Straits Research, *“The global fragrance ingredients market size was valued at USD 15.16 billion in 2022. It is projected to reach USD 21.20 billion by 2031, growing at a CAGR of 3.8% during the forecast period (2023–2031).”* Consumers are encouraged to switch to luxury personal care products as disposable income increases. With rising disposable incomes, consumers' purchasing power rises. As a result, it is anticipated that demand for luxury personal care products will increase. As a result, it is anticipated that as natural and synthetic ingredients are used in hair care, fabric care, and other personal care products, the demand for fragrance ingredients will increase. As a result of their increased use in cosmetic and personal care products, fragrance ingredients are experiencing growth on a global scale. Branded perfumes and deodorants are necessary for people to live in the modern world. Increased concern for outward appearance, which stimulates the market for fragrance ingredients, is the main factor driving growth in the personal care and hair care sectors. Thus, it is anticipated that shifting lifestyle trends in emerging economies and increasing disposable income will fuel future market expansion.
*Opportunities In Consumer Goods Industries*
Market vendors should benefit from new opportunities as more emphasis is placed on spending more on R&D work by many fragrance companies, which is anticipated to drive more growth in the fragrance industry. Many market players are expected to travel to as-yet-untapped emerging economies to expand their businesses. Additionally, new companies are entering the fragrance market with new fragrance varieties as people worldwide prefer natural fragrances to artificial ones. The growing demand for personal care and cosmetic products represents another significant market opportunity for fragrance ingredients (soaps, disinfectants, and sanitizers). Due to the pandemic, consumers now prefer scented hand sanitizers. As a result, the market for fragrance ingredients has opportunities due to the COVID-19 pandemic. They have been developing continuously since their creation. Numerous other advantages are supported by personal hygiene, aromatherapy, increasing self-confidence, fragrances, and perfumes. People's grooming habits have improved thanks to fragrances and perfumes, which have evolved into essential daily items.
*Regional Analysis *
Asia Pacific fragrance ingredients market share is anticipated to grow at a CAGR of 3.7% during the forecast period. Rising middle-class demand, rising disposable income, rising personal care product awareness, and rising accessibility of reasonably priced mass-market fragrances are driving the Asia-Pacific market. Japan is home to one of the biggest markets for personal care products. It offered a wide variety of olfactory experiences for their home and personal care brands using encapsulates. In addition, the synthetic fragrance components found in detergents cause allergies and lung irritation, according to the Center for Consumer Education and Research (CERC). Long-term use of these detergents on the skin is associated with excessive keratin layer dotting and drying, which increases dermatitis susceptibility and sensitization.
North America is expected to grow at the fastest CAGR of 4.3% during the forecast period. A wide range of factors currently impacts the North American fragrance market. The expansion of the market is mainly due to the rise in local consumer spending on cosmetics and personal care products. People's preference for various fragrances over a single signature scent is another significant trend in the area. This pattern has encouraged consumer spending on high-end and mass-market goods, especially among the younger generation. It is expected that North America will continue dominating the global fragrance ingredients market. Due to an increase in the use of natural fragrance ingredients in goods like soaps, detergents, cosmetics, and toiletries, the U.S. is the country that is most responsible for the market's growth. The prevalence of skin diseases in the region is another factor that is anticipated to drive demand for natural fragrance ingredients, increasing the use of these ingredients in cosmetics and toiletries.
*Key Highlights*
· Based on type, the global fragrance ingredients market is bifurcated into synthetic ingredients and natural ingredients. The synthetic ingredients segment is the highest contributor to the market and is anticipated to grow at a CAGR of 3.5% during the forecast period.
· Based on application, the global fragrance ingredients market is bifurcated into hair care, personal care, fabric care, and others. The personal care segment owns the highest market share and is forecasted to grow at a CAGR of 3.2% during the forecast period.
· Asia Pacific is the highest contributor to the global fragrance ingredients market and is expected to grow at a CAGR of 3.7% during the forecast period.
*Competitive Players*
The global fragrance ingredients market’s major key players are *BASF SE, Fine Fragrance Pvt Ltd, Firmenich SA (Sentarom SA), Kalpsutra Chemicals Pvt. Ltd., Mane SA, Robertet Group, S H Kelkar & Co. Limited, Symrise AG, Givaudan, International Flavors & Fragrances Inc., T.Hasegawa Co. Ltd., Takasago International Corporation and Treatt*.
*Market News*
· November 2022, Chloé Rose Naturelle Intense, the first ever refillable fragrance, was introduced by Coty Inc. Refillable bottles from this company showed lower environmental impacts across all PLCA indicators.
· July 2022, Chanel SA introduced Gabrielle Chanel Essence Twist & Spray and Gabrielle Chanel Eau de ParfumSA. While the Essence Twist and Spray are only available in domestic markets and a few select international travel retail locations, the Eau de Parfum is only available online.
*Global **Fragrance Ingredients **Market: Segmentation*
*By Type*
· Natural Ingredients
· Synthetic Ingredients
*By Application*
· Hair care
· Personal Care
· Fabric care
· Others.
*By Regions*
· North America
· Europe
· Asia-Pacific
· LAMEA
*Get Detailed Market Segmentation @ **https://straitsresearch.com/report/fragrance-ingredients-market/segmentation*
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